National Rifle Association files for Chapter 11 bankruptcy - ABC News
Category: News & Politics
Via: jbb • 3 years ago • 17 commentsBy: New York Attorney General Letitia James (ABC News)
S E E D E D C O N T E N T
The company filed for bankruptcy protection in a Texas court Friday.
ByCatherine Thorbecke January 15, 2021, 10:39 PM • 4 min read Share to FacebookShare to TwitterEmail this article
The National Rifle Association announced that it intends to restructure as a nonprofit based in Texas and has filed for Chapter 11 bankruptcy protections.
"The move will enable long-term, sustainable growth and ensure the NRA's continued success as the nation's leading advocate for constitutional freedom -- free from the toxic political environment of New York," the gun advocacy group said in a statement Friday.
The NRA added that it has been incorporated in New York for approximately 150 years.
"This strategic plan represents a pathway to opportunity, growth and progress," NRA CEO Wayne LaPierre said in a statement. "Obviously, an important part of this plan is 'dumping New York.' The NRA is pursuing reincorporating in a state that values the contributions of the NRA, celebrates our law-abiding members, and will join us as a partner in upholding constitutional freedom."
LaPierre dubbed the decision Friday a "transformational moment in the history of the NRA."
The move comes after the NRA was sued by New York Attorney General Letitia James last August in a bid to dissolve the group.
James accused the NRA of an array of "illegal conduct," according to a press release at the time describing the suit, including "[the] diversion of millions of dollars away from the charitable mission of the organization for personal use by senior leadership, awarding contracts to the financial gain of close associates and family, and appearing to dole out lucrative no-show contracts to former employees in order to buy their silence and continued loyalty."
The NRA has filed a counter claim, calling the initial suit politically motivated.
MORE: Ex-NRA insider speaks out: Gun owners should be 'horrified' by what I saw
James on Friday responded to the bankruptcy news in a statement, saying, "The NRA's claimed financial status has finally met its moral status: bankrupt."
"While we review this filing, we will not allow the NRA to use this or any other tactic to evade accountability and my office's oversight," James added.
Nonprofit gun violence protection organizations also reacted to the news on Friday.
"Let's be clear about what's happening here: The NRA -- which is losing power and hemorrhaging money -- is now filing for bankruptcy in an attempt to escape legal culpability for years of financial mismanagement and illegal self dealing," John Feinblatt, the president of Everytown for Gun Safety, said in a statement. "This desperate maneuver is a de facto admission of guilt."
Shannon Watts, the founder of Moms Demand Action, added, "The NRA can try to run from its years of deception, decadence, and self-dealing, but it can't hide."
"The NRA has become a front group for gun manufacturers and a personal piggy bank for its leadership -- all while endangering millions of lives," Watts said. "They've been out of touch with the American people for decades, and now they're out of money, too."
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Whoop! Whoop!
Don't matter none. Our right to keep and bare arms shall not be infringed. We can thank the Dems for the proliferation of guns.
The NRA, which has been rocked by allegations of exorbitant spending by top executives, also directed money in recent years that went to board members — the very people tasked with overseeing the organization’s finances.
Their cash cow has gone dry.
Trump dreams of the day when he will be a better grifter than the NRA execs.
Couldn't happen to a better organization. The NRA should also get rid of LaPierre, as he is nothing but a crook that feeds off the NRA for his own agenda.
The IRS should look into his past returns and bank records.
I agree. Only, they may not want to, as they may be ashamed to see how much he has taken them for over the years right under their noses. And they might want to check his background and see how many militias he has been dealing with as well. He is a huge Trump fan, so it would not surprise me at all if they found him to be working with Trumps' White Supremacist armed army on the side. He is such a crook and liar that I would not trust him for one millisecond.
Wouldn't surprise me one bit if the Obama IRS already did all that.
The NRA will continue onward.
News of its demise is greatly exaggerated.
The whole point of this is to re organize and move out of NY for good and move to Texas to re incorporate there.
How dare the State of New York protect the NRA members from the NRA executives.